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The Reserve Bank of Australia says describing the Australian property market as a bubble is “unrealistically alarmist”.
Assistant governor of the RBA, Malcolm Edey, says while house prices are increasing it’s part of a normal cycle of price growth and decline.
“Demand for housing is strengthening at the moment there’s no doubt about that but it’s important to keep this things in perspective,” Edey told Financial Services Conference in Sydney yesterday.
“Looking back over the last 10 years or so house prices have risen at a rate similar to or on average less than the growth of household incomes so the ratio of house prices to incomes over that period has been roughly flat or most of the time tending actually to fall.
“Within that trend however inevitably there will be cycles and there have been periods where that ratio has been rising and periods where it has been falling, or to put it another way periods when the rate of increase in house prices have been higher than average and periods when it’s been lower than average.”
He acknowledged that house prices are increasing faster than average right now but said this doesn’t constitute of bubble.
“We shouldn’t be rushing to reach for the bubble terminology every time the rate of increase in house prices is higher than average because by definition that’s 50% of the time and you’re just going to be unrealistically alarmist by making that call every time that happens,” he said.
He clarified the wording of the RBA’s minutes released on Tuesday.
“This is an area to watch but we do need to keep it in the sort of perspective that I’ve just been talking about.”
Meanwhile 1300HomeLoan boss John Kolenda has called for the RBA not to increase rates.
“We would not like to see any knee jerk reaction from the RBA should economic conditions continue to improve," he said.
He said the RBA lifted rates too high and too fast during 2009 and 2010 after lowering them in response to the global financial crisis.
“That caused a lot of damage to businesses and consumers with the RBA since then making eight rate cuts to try and make amends and stimulate activity,” he said.
 “Borrowers remain particularly vulnerable to the impact of a rate increase while they continue to deal with significant rises in the cost of living and all the other concerns surrounding the economy.”
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Bubble concerns “unrealistically alarmist”: RBA

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Melbourne is at risk of losing its liveability with an inexorable creep of its low density urban sprawl, the Department of Infrastructure and Transport.
It quoted Terry Rawnsley and Marcus Spiller in its State of Australian Cities 2013 report published recently.
“Metropolitan Melbourne may be drifting towards a seriously divided city which cannot credibly claim sustainability or superior liveability. Just as importantly, this urban structure is doing nothing to improve human capital and labour productivity at a time when the nation is in pressing need of a boost in this area,” it quoted.
“This disadvantageous pattern of urban development may not be planned and its consequences not intended. But it is certainly not accidental. Successive generations of plans for metropolitan Melbourne have promoted a poly-nucleated structure.”
It says there is more of a push towards low density satellite towns which take people away from employment – running counter the aims of a city.
“The reality, however, is that the metropolis is afflicted with relentless pressure for low density urban expansion into districts that are increasingly distant from the main concentrations of employment.”
“This pressure is fuelled by a compelling bipartisan agenda to improve housing affordability for ordinary households. Regrettably, trying to solve the affordability problem by cutting up more land on the urban fringe may be like trying to fix a flagging economy by printing more money.
“Ultimately, this approach may devalue the whole metropolis and compromise its capacity for sustainable prosperity.”
The report later says the outer fringe is dominated by new home owners though scattered with renters.
“In Australia’s larger cities, home renters predominate in the centre while outright homeowners are generally found in the middle suburbs. In the outer suburbs new homes are being purchased – this is the so-called ‘mortgage belt’. On the fringes of cities there is an outer belt of home renters. This outer belt of renters appears to be little studied,” the report said.
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Melbourne's urban sprawl decreases its liveability

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The Reserve Bank of Australia has indicated it may still lower interest rates though likely not in the short term.
It was enthusiastic about the response to previous rate cuts, according to RBA minutes published today.
“Members agreed that the Bank should again neither close off the possibility of reducing rates further nor signal an imminent intention to reduce them. The Board would continue to examine the data over the months ahead to assess whether monetary policy was appropriately configured,” the minutes said.
It said building activity had increased, dwelling prices increased to 7% above previous troughs, clearance rates are noticeably higher than a year ago and housing turnover has increased.
“Overall, recent data and information from liaison were consistent with further recovery in the established housing market and moderate growth in dwelling investment.”
It said previous cuts worked well to provide policy stimulus, particularly in housing.
“Lending rates had declined to historically low levels as a result, which, together with the lower – though still high – exchange rate, were continuing to provide a substantial degree of policy stimulus to the economy.”
“This was most evident in the housing market, with the lags in the effect of policy meaning that earlier actions were still likely to take some time to have their full effect on demand more generally.”
But it warned banks to remain vigilant in their lending policies.
“Members observed that banks' asset performance and funding structures continued to improve, and their profitability remained strong compared with that seen in most other advanced economies. In the current environment of low interest rates and slow credit growth, members agreed that it was especially important that banks maintained prudent lending standards.”
It warned it could start looking closely at property gearing in self-managed super funds.
“Property gearing in self-managed superannuation funds was one area identified where households could be starting to take some risk with their finances; members noted that this development would be closely monitored by Bank staff in the period ahead.”
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RBA says it could still lower rates

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The International Monetary Fund has warned that low interest rates and low inflation can fuel a property bubble even in countries with economic tranquillity.
It doesn’t isolate Australia but it has called for stricter bank lending standards to mitigate the threat of a property bubble.
“Where low policy rates are consistent with low inflation, they may still contribute to excessive credit growth and the build-up of asset bubbles and sow the seeds of financial instability,” the IMF wrote in its staff paper titled “Key Aspects of Macroprudential Policy”.
“Country experiences suggest that exposures to tail risks, including sharp changes in interest rates, house prices and exchange rates, tend to increase in the run-up to crises as lending standards fall and the terms of financial contracts change,”
It says there should be a global tightening of lending standards.
"A number of countries have found that the pass-through of an increase in capital requirements on mortgage loans to loan growth can be limited when strong increases in asset prices and credit feed each other,” it says.
"This suggests the use of additional tools that act on the demand for credit and directly increase the resilience of borrowers to shocks."
Tools it advocates include limits on loan to value ratios and debt to income ratios which it says mitigate the effects of low interest rates on financial stability.
“An LTV ratio introduces a cap on the size of a mortgage loan relative to the value of a property, thereby imposing a minimum down payment. A DTI ratio restricts the size of a mortgage loan to a fixed multiple of household income, thereby containing unaffordable and unsustainable increases in household debt,” the report says.
“The available research suggests that these tools can reduce feedback between credit and prices in upswing, as well as improve resilience to shocks, thereby reducing default rates and boosting recovery values when the housing market turns.
“However, they can also be seen as more intrusive and calibration can seek to soften their impact, e.g., by exempting first-time buyers. Moreover, the evidence suggests that LTV ratios can have a relatively strong effect on house prices and aggregate demand, which can justify a gradual approach to tightening of such ratios (as in Canada and the Netherlands).
It also says imposing taxes will help offset the risk of a property bubble.
“Taxes can also affect asset prices. As future tax liabilities are capitalized, in principle, imposing taxes during a boom can make bubbles less likely; or the announcement of future tax relief on asset returns can support asset prices during a bust,” the report says.
“For example, during the crisis countries have used tax measures to bolster house prices by removing stamp duties on housing transactions or extending mortgage interest relief. Stamp duties have more recently also been used in a number of countries to lean against house price appreciation, such as in Singapore and Hong Kong.”
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Low interest rates fuel property bubble: International Monetary Fund

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Stockland is the most sustainable real estate company in the world, according to the 2013-2014 Dow Jones Sustainability Index.
The index looks at the environmental, social and economic performance of companies.
It assesses corporate governance, risk management, climate change strategy, environmental management, human capital development and stakeholder engagement.
“Recognition of Stockland as a global leader reflects our commitment to embedding sustainability into our everyday business practices,” Stockland Mark Steinert said.
“There is inherent value creation that includes, but also goes far beyond, monetary measures and we place a strong emphasis on our environmental performance, social inclusion and diversity in everything we do.”
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Stockland wins sustainability award

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Banks are increasingly aggressive in their bid to poach mortgage customers according to the chief executive of Bendigo and Adelaide Bank.
He says there is less competition for depositors in recent months as banks push for mortgages in a time of subdued demand for credit.
“On the assets side, it is quite aggressive on the home loan book at the moment,” Hirst said in an interview at the Bank of America investor conference in New York attended by The Australian Financial Review last week.
He says National Australia Bank’s offer of $1000 to switching borrowers equated to about $4 a week over the life of a mortgage.
Westpac has increased the discount on its new home loans by 0.9%, which ME Bank and AMP are increasing commissions paid to brokers and Macquaririe Bank has been competing aggressively for customers.
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Banks compete for mortgage customers: Bendigo and Adelaide Bank chief

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The administrators of a Broome resort development are reportedly due to sell 75 luxury apartments in one line.
Tropicana Enterprises was redeveloping the Tropicana Inn in Broome but entered in administration in June this year after poor sales.
Administrators KordaMantha told The Australian Financial Review possible buyers could easily emerge from Asia.
The company reportedly owes financier Bankwest $25 million.
The run of apartments will be sold by CBRE.
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Broome resort administrators to sell 75 apartments in one line

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Demand for land in the Gold Coast and the Sunshine Coast has collapsed with lot production levels at less than a third of levels in 2007 and 2008, according to research firm BIS Shrapnel.
A 30-year low for net interstate migration into Queensland in 2010/11 compounded by an excess dwelling supply and a reduced affordability advantage over Brisbane has slashed demand for new dwellings, BIS Shrapnel says.
It says supply is further constrained by limited access to finance for developers due to lingering financial constraints after the global financial crisis.
“We expect any upturn in the both the Gold Coast and Sunshine Coast markets to be relatively slow,” BIS Shrapnel’s Angie Zigomanis says.
“There is little pent up demand in both markets despite the low level of new dwelling supply, while local economic conditions remain weak.
“Two of the main economic drivers of both regions are tourism and construction, and while there is some light at the end of the tunnel with large social infrastructure projects commencing in both regions, it will be some time before these two sectors can contribute substantially to employment growth.”
But he says low level of new dwelling activity means excess stock is being absorbed and vacancy rates are rising which will lead to an improvement in residential demand.
But any recovery hinges on stronger conditions in Brisbane.
He forecasts a rise in lot production levels in 2013/14 – although he says activity will remain painfully low until stronger rises emerge from 2014/15.
Lot production will double to 2,600 lots in the Gold Coast and 2,100 lots in the Sunshine Coast by 2016/17 but will remain well below the peak of 2006/07, BIS Shrapnel predicts.
He says developers may reduce lot sizes to boost affordability though new lifestyle home buyers may not accept smaller lots.
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Demand for land in Gold Coast has collapsed

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Art dealer Adrian Slinger’s one hectare beachfront property in Noosa is being sold in a mortgagee in possession sale.
Slinger bought the property, at <a href="https://www.offermann.com.au/buying/71_seaview_terrace_sunshine_beach/">71 Seaview Terrace</a> in Sunshine Beach, in 2002 for $4.35 million, according to RP Data.
Prior to that it sold for $680,000 in 1987.
In July it was offered for $8.8 million but failed to sell, leaving the banks in control of the property.
The property borders the Noosa National Park and reportedly neighbours properties owned by Pat Rafter, art dealer Philip Bacon and Oakley Sunglasses baron Steve Perry.
Slinger owns a gallery in Noosa Heads.
He represents Australian painter  David Rankin and stocks art from Charles Blackman, Arthur Merric Bloomfield Boyd, Ray Austin Crooke, Frank George Hodgkinson, Elwyn Augustus (Jack) Lynn, Victor Majzner, Jeffrey T. Makin, Sidney Robert Nolan, John Henry Olsen, John Peart, Clifton Ernest Pugh and Albert Lee Tucker.
The Australian Financial Review reports he was offered more than $15 million for the property in 2007.
It is being sold by agent Tom Offermann who says there are 20 potential buyers listed for the September 27 auction.
“Values have been quite depressed here with a minimum 30% drop in values,” Offermann told The Australian Financial Review.
“However, there is really nothing negative left holding people back from entering the market. Interest rates low and as people look to roll over term deposits, they are looking to get into property instead.”
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Art dealer's Noosa property in mortgagee sale

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The National party has warned there could be a rush of foreign investors buying farms if the Coalition does not quickly implement its foreign investment review changes.
The Coalition plans to lower the price threshold for scrutiny of foreign purchases of rural land from $248 million to $15 million.
Nationals senator John Williams told a post-election meeting that the government would need to act quickly to mitigate a rush of buyers coming in before the new threshold comes into place.
“I want to see these things done sooner rather than later. If the message is out there that we are going to tighten regulation, there could be a mass purchase of some properties to get in before the rules change,” he told the meeting according to The Australian Financial Review.
Fiona Nash also says the government needs to move quickly.
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Delays on foreign investment changes could lead to farm-buy rush: Nationals

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

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Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

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Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Joel Robinson

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

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Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

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Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

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Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

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Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

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<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

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La Vera closes in on completion as Macquarie Park continues residential transformation

Brisbane developer Red &amp; Co's decision to include dual key apartments in its debut Gold Coast apartment development, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO Varsity Lakes</a>, is proving to be one of the project's biggest drawcards, with buyers quickly snapping up the flexible residences.

More than half of the project's 36 dual key apartments have already sold, helping drive COMO beyond the 50 per cent sold mark within the first month of launch.

The strong response highlights growing demand for apartment designs that can adapt to changing lifestyles, with buyers increasingly looking for homes that accommodate multi-generational living, provide rental income opportunities or simply offer greater flexibility over time.

Located on the shores of Lake Orr, COMO will deliver 156 apartments across 16 levels, with the dual-key residences forming a limited release within the broader development.

Each combines a primary two-bedroom apartment with a fully self-contained studio on a single title, connected by a shared foyer and lockable internal door. The design allows owners to house ageing parents, adult children or guests while maintaining privacy, or lease the secondary residence to generate additional income.

Just 17 of the original 36 dual key apartments remain available.

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The innovative configuration combines two fully self-contained residences on a single title, typically comprising a primary two-bedroom apartment alongside a separate studio residence, connected via a shared foyer and lockable internal door.&nbsp;

The model is proving particularly attractive to owner occupiers navigating changing family dynamics and the realities of the current housing crisis.&nbsp;

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<a href="https://www.apartments.com.au/project-marketer/npa">NPA</a>&nbsp;CEO Andrew Erwin said dual key living was resonating strongly with modern buyers because it delivered both financial flexibility and practical lifestyle benefits.&nbsp;

“The housing crisis and rising cost of living are fundamentally changing how Australians think about home ownership,” Erwin said.&nbsp;

“Dual key apartments provide a genuine solution for families who want to stay connected while maintaining independence. Parents can help adult children save for a future home, ageing parents can remain nearby without moving into aged care, and owners still retain privacy and flexibility.

“Importantly, buyers are also recognising the financial advantages. It creates the opportunity to generate additional income from part of the home without the holding costs associated with owning a separate investment property.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363509]

Unlike traditional dual occupancy arrangements, the residences operate under a single title, meaning owners only incur one set of body corporate fees, council rates and holding costs.&nbsp;

The secondary residence can also evolve over time - functioning as guest accommodation, a home office, creative studio or private retreat before later becoming an income-producing asset.

<a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a>&nbsp;Director and Co-Founder David Laverty said the strong early sales reflected growing buyer urgency and changing priorities within the market.&nbsp;

“Securing more than half of COMO’s residences within such a short timeframe is an outstanding result and a clear endorsement of both the design and location,” Laverty said.&nbsp;

“Buyers are responding to the combination of location, connectivity and amenity, but ultimately it’s value relative to other East Coast markets that is driving enquiry.”&nbsp;

“We’re also seeing strong interest from owner occupiers looking for homes that can adapt with them over time. Flexibility has become one of the most important considerations for buyers in today’s market.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363515]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, COMO features a mix of one-, two- and three-bedroom residences with 2.7-metre ceilings and larger-format floorplans aimed at owner occupiers, downsizers and lifestyle-focused buyers.&nbsp;

The development will feature an extensive rooftop recreation and wellness offering including a 25-metre lap pool, sundeck, barbecue and dining areas, gym, sauna, plunge baths, landscaped gardens, wellness spaces and rooftop pickleball and paddleball courts.

The remaining dual key apartments range from 137 sqm to 167 sqm and include generous three-bedroom layouts with separate self-contained studio accommodation and dual parking.&nbsp;

Erwin said the dual key concept represented a broader shift in how Australians would live in the future.

“People want homes that can evolve with their lives,” he said.&nbsp;

“A dual key apartment can suit a family today, support an ageing parent tomorrow, and potentially generate income later on. That adaptability is becoming incredibly valuable in the current environment.”

Prices currently range from $2,115,750 to $2,583,000.&nbsp;

[smartcode_project_cta:default project_id=135546]

Inter-generational living drives demand for COMO’s dual key apartments as housing pressures reshape buyer priorities 

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/ceerose">Ceerose</a> has doubled down on its Leichhardt ambitions, lodging its second State Significant Development Application (SSDA) in the suburb in the last six months.

Their newest proposal seeks to transform a former industrial precinct into a new residential community centred around the adaptive reuse of one of the site's heritage warehouse buildings.

The new project, on a 6,930 sqm block at&nbsp;<a href="https://www.apartments.com.au/new-apartments/40-76-william-street-leichhardt-nsw-2040">40–76 William Street</a>, will bring more than 200 apartments to a suburb that has seen little to no new supply in recent years. It follows Ceerose's late 2025 SSDA for a mixed-use apartment project on nearby Parramatta Road, signalling the developer's growing investment in Sydney's Inner West.

Ceerose Founder Edward Doueihi told Apartments.com.au the developer’s long-standing presence in Leichhardt and the Inner West had given it a strong understanding of how the area has evolved and where its future opportunities lie.

“Ceerose has had a long-standing presence in Leichhardt and the Inner West, giving us a unique understanding of the area’s evolution and future potential,” Doueihi said.

“Having delivered projects throughout the region, we have witnessed the suburb’s transformation first-hand and understand the opportunities for its continued growth.”

Doueihi said that understanding also informed the planning process, with a comprehensive Stakeholder Engagement Outcomes Report prepared before the application was lodged.

The report identified the key issues and concerns raised by neighbouring residents and other stakeholders, allowing those matters to be considered and incorporated into the design where appropriate.

He said the delivery of additional housing would also play an important role in supporting the revitalisation of Norton Street and the Italian Forum.

“By increasing the local residential population, the development is expected to strengthen demand for local businesses, encourage further investment, and help restore the vibrancy that made the precinct a thriving destination in the early 2000s.”

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="7258c54c-8167-479e-8361-2d5fca9915b4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010B%20-%20CGI%20-%20View%202.jpg?VersionId=S9DQfxu_jpcB5LrAEYFUbyMzg5odW6i5" />

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the redevelopment would involve the demolition of four existing industrial buildings while retaining and adaptively reusing the site's most significant warehouse. The retained structure would anchor a new residential precinct comprising five interconnected buildings arranged around a large central landscaped courtyard, with heights stepping from five storeys along the surrounding residential streets to 11 storeys at the William Street corner.

According to the Architecture Design Report by Woods Bagot, the proposal "seeks to create a residential village centred around a generous green heart while celebrating the site's industrial heritage through the adaptive reuse of the existing warehouse building."

The development would comprise 203 apartments, with 188 proposed as build-to-sell residences, alongside 15 affordable housing apartments.

Rather than treating the retained warehouse as a standalone heritage object, Woods Bagot has sought to weave the site's industrial history throughout the masterplan. The proposal retains the north and west facades of the landmark corner warehouse, while new buildings reinterpret the site's brick-and-steel industrial language through their material palette and architectural expression.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="9e8c64c2-881b-49e1-8c90-6b6acaaa45b6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010C%20-%20CGI%20-%20View%203.jpg?VersionId=Qm8_8H_Xrg_sc4Mdjc59vlAcKF_5wRTb" />

The design is organised around what Woods Bagot describes as a "green heart", a landscaped communal open space that reinstates the leafy character removed when the site became an industrial storage facility. A new pedestrian laneway running through the site would improve permeability between William, North and Francis streets, linking residents through landscaped public spaces while activating the ground plane.

Residents would have access to communal gardens and shared recreation areas distributed throughout the development. Sustainability has also been prioritised, with the project targeting an average 7.9-star NatHERS rating. Proposed initiatives include rooftop solar generation, rainwater harvesting, passive solar design, naturally ventilated lobbies, extensive cross-ventilation and the reuse of existing building fabric to reduce embodied carbon.

The adaptive reuse strategy became a defining feature of the application after heritage investigations found only one of the site's industrial buildings could feasibly be retained. The Heritage Impact Statement concludes that preserving the key warehouse façades while referencing the site's industrial character throughout the new development provides an appropriate balance between renewal and conservation.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="efffafdb-594f-4e2b-a067-921fd51c05e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010D%20-%20CGI%20-%20View%204.jpg?VersionId=DPmE4.k16YRt0i27hEZVtJAffarpvUfx" />

"Retention and adaptation of the site buildings has been explored but found not to be feasible except for the tallest building, whose street facades will be retained," the heritage report states.

"The proposed building will interpret the brick and steel character of the subject site, including reuse of some components and construction of a large 'sawtooth' structure in the proposed open space."

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="3bfef2b5-83f5-40cd-9cab-767092f34266" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010E%20-%20CGI%20-%20View%205.jpg?VersionId=7asb3i_ql4ybbuJOUb5UHBEIy0Q9t.DF" />

The William Street site is located around 300 metres from Leichhardt North Light Rail station and a short walk to Norton Street's retail, dining and hospitality precinct. The surrounding area has increasingly become a focus for urban renewal given its proximity to public transport and the Parramatta Road corridor.

Doueihi founded Ceerose in 1998 and has grown the business to become one of Sydney's more active apartment developers in recent years, with completed projects including The Alex Collective in Alexandria, Abbie's Lane in Annandale, and the award-winning Munro House in Elizabeth Bay. They are currently delivering Belgravia, 17 luxury apartments in Potts Point.

Alistair Walsh

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